Crypto weekly roundup, 20th - 26th June!

Oliver Moon at Team UMushroom

27 Jun 2022

The market stabilises as long term news continues to look positive.

The overall crypto market cap recovered slightly to just over 950 billion USD this week, experiencing a weekly gain of around 15%. This comes as the market stabilised after the Celsius problems and general sell-off that followed.

This week looked a lot more positive for the top 10, as all assets finished the week in the green. This comes as a natural bounce back following a huge sell-off last week. It is unlikely to signal the end of the bear market. BTC finished the week above $20,000.

KPMG and EBAY are moving into crypto, having purchased land in the metaverse and an NFT exchange respectively.
- Big four firm KPMG announced it has purchased a plot of land in the metaverse to use as a “collaboration hub” between US and Canadian arms.
- EBAY has purchased KnownOrigin, an NFT marketplace, in its bid to remain a leading commerce site.
Singapore grants In-Principal crypto service licenses to crypto.com and two other crypto sites.
- The two other companies were Genesis and Sparrow tech.
- These three licenses mean that 14 crypto companies have been given in-principal licenses to operate in Singapore.
CoinFLEX pauses withdrawals citing “extreme market conditions”.
- Following the Celsius fiasco last week, CoinFLEX has also paused withdrawals from its platform.
- It hopes to allow withdrawals to resume as soon as possible.
- The trading of FLEX Coin, CoinFLEX’s linked coin, has been halted for perpetual swaps and spot trading as well.
Tether has announced it will be issuing a Great British Pound backed stablecoin as of July.
- Tether will be adding GBPT, a sterling backed stablecoin, to its current repertoire of USDT, EURT, CNHT, and MXNT.
- This partnership comes as part of the UK’s bid to become the “next frontier for blockchain innovation”.